Exits, 12/5/2025
How we did on the trades we exited this week.
This Week’s Trade Exits
As soon as I exit a trade, I note that in the comments of the post where I first mentioned the trade; at the end of the week, I try to track them all in one post. Starting in July, 2024, I have also been tracking them in this spreadsheet. These are the trades I exited this week.
Stocks or Exchange Traded Product.
None
Options
Put spread on AeroVironment (AVAV 0.00%↑). Entered at a net credit of $2.30 as part of a 4-leg combo on 11/12/2025; effectively exited on 12/5/2025 via assignment of the $320 put and exercise of the $315 put.
Loss: 100% of max risk (117% of premium collected).
Put spread on Bank of Montreal (BMO 0.00%↑). Entered at a net credit of $0.58 as part of a 4-leg combo on 10/17/2025; exited on 12/5/2025 at a net debit of $0.15.
Profit: 74% (6% of max risk).Put spread on UiPath (PATH 0.00%↑). Entered at a net credit of $1.08 as part of a 3-leg combo on 10/6/2025; exited at a net debit of $0.20 on 12/4/2025.
Profit: 81% of premium collected (62% of max risk).Call spread on Tesla (TSLA 0.00%↑). Entered at a net debit of $2 on 2/28/2025; exited at a net credit of $8 on 12/3/2025.
Profit: 300% of max risk (300% of premium outlay).
4-leg combo on Lemonade (LMND 0.00%↑). Entered at a net credit of $1.25 on 8/22/2025; exited the put spread at a net debit of $0.25 on 11/12/2025; exited the call spread at a net credit of $4.00 on 12/4/2025.
Profit: 400% of premium collected (127% of max risk).4-leg combo on Credo Technology Group (CRDO 0.00%↑). Entered at a net debit of $2.97 on 8/15/2025; exited the put spread at a net debit of $0.20 on 9/8/2025 and exited the call spread at a net credit of $16.05 on 12/2/2025.
Profit: 434% on premium outlay (159% on max risk).
Comments
Stocks or Exchange Traded Product.
No exits this week, as I haven’t followed our basic strategy (formerly known as our core strategy) of buying shares of PA top names in a while, but have been placing options trades on them instead. Nevertheless, our top names have continued their strong performance, as you can see in last night’s update and in the chart below.
Since December of 2022, across 127 rolling 6-month periods, our top names have averaged returns of 20.2% over the next six months, versus SPY’s average of 10.13%. You can see an interactive version of the table above here, where you can click on each date and see a chart showing each of the holdings that week.
Options
Not a bad week, as the market seems to be rotating back to our core themes.
One nice thing about our approach is that it’s repeatable, so, for example, we reloaded with another Credo Technology Group (CRDO 0.00%↑) trade after this week’s exit.
Sometimes The Best Trade Is The One You Just Exited
Sometimes The Best Trade Is The One You Just Exited
Our System’s Top Names Available Every Day
As a reminder, I post Portfolio Armor’s top names weekly here for paid subscribers (on Thursday nights, except when market holidays or other issues preclude that), but they’re available daily for subscribers to the Portfolio Armor website and the top names feature on our iPhone app.
